GSK denies it is considering leaving China

GlaxoSmithKleine, the British pharmaceutical giant, said it was committed to China and denied media reports that it is considering pulling out over potential fines following a bribery scandal.

British newspaper the Daily Telegraph reported that the company is considering whether to leave China, where an ongoing criminal investigation may leave the company facing fines as high as 20 billion yuan ($3.27 billion) and the severance of ties with major hospitals.

"GSK has a long history in China - we have been present in the country since the early 1900's. We remain committed to China for the long term," GSK China replied in an email interview with China Daily on Monday.

The Daily Telegraph also quoted other sources suggesting that GSK was using the threat of withdrawal to negotiate a lesser fine.